公司研究 [Table_ReportType] 公司点评报告 [T事ab件le：_S公um司m发ar布y]2024 年中期报告，实现营收 9.45 亿元，同比+3.64%；归 母净利润 8245.42 万元，同比-36.44%。 | --- | --- | |----------|-------| | | | | 投资评级 | 买入 | | 上次评级 | 买入 | [程Ta丽bl丽e_A食ut品ho饮r] 料行业分析师 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 2024Q2 罐头收入增长，量贩零食渠道进展较好。2024Q2 公司实现营 收 3.94 亿元，同比-0.2%。从产品结构来看，罐头收入同比+2.2%至 1.6 亿元，其中黄桃罐头收入同比+63.36%至 7500 万元；橘子罐头同 比-17.28%至 3800 万元。饮料方面，2024Q2 收入同比-2.0%至 2.24 亿元，椰子饮料收入同比-4.4%至 1.85 亿元，我们认为主要系餐饮业态 较为疲软所致。新渠道方面，公司黄桃和橘子罐头进入了部分头部零食 专营连锁渠道，并且推进饮料产品的进入，带动 ...

[ T able_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：10.66 元 欢 乐 家（300997）食品饮料 目标价：13.20 元（6 个月） 费投加大致利润承压，期待节日旺季反转 [Table_Summary] 事件：公司发布 2024年中报，实现营收 9.5亿元，同比+3.6%；归母净利润 0.8 亿元，同比-36.4%。2024Q2单季度，公司实现营收 3.9亿元，同比-0.2%；归 母净利润 36.8万元，同比-99.2%。二季度业绩低于市场预期，销售费用投放较 大致使盈利承压。 椰汁饮料稳健增长，罐头因高基数承压。1、分产品看，24H1 饮料产品实现营 收 5.4亿元，同比+11.3%；罐头产品实现营收 3.8亿元，同比-9.0%。其中，椰 子汁产品营收为 4.5亿元，同比+11.4%。椰汁保持稳健增长，1.25LPET瓶装椰 子汁产品营收同比+5.2%，在椰汁饮料的营业收入占比达到 52.0%。黄桃罐头实 现营收 1.6 亿元，同比-6.8%；橘子罐头实现营收 1.0 亿元，同比-4.7%。同期 增速有所下滑主要系 23 ...

华 发 集 团 旗 下 企 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-----------------------------------------|------------------------------------------------|------------------------------| | 2024 年 08 月 28 日 \n欢乐家（ 300997.SZ ） \n费用前置盈利承压，提质增效期待改善 | 投资评级 | | 公司研究●证券研究报告 \n食品饮料 \| \n增持 -B( | 公司快报 \n休闲食品Ⅲ \n维持) | | 事件：公司发布 2024 年半年报。根据公告， 2024H1 公司实现营业收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue met expectations, but profits declined significantly due to multiple factors, with a notable decrease in profit margins and increased expense ratios [1][4] - The company is focusing on expanding its product matrix in the coconut juice segment and enhancing sales in high-tier cities, while also aiming to stabilize its core canned fruit business [4] Summary by Sections Financial Performance - For H1 2024, total revenue was 945 million yuan, a year-on-year increase of 3.64%, while net profit attributable to shareholders was 82 million yuan, a decrease of 36.44% [1] - The gross profit margin for H1 2024 was 35.85%, down 1.38 percentage points year-on-year, indicating a decline in profitability [1] - In Q2 2024, total revenue was 394 million yuan, a decrease of 0.24% year-on-year, with net profit attributable to shareholders dropping to 367,900 yuan, down 99.17% [1] Revenue Breakdown - H1 2024 revenue from beverages and canned goods was 535 million yuan and 380 million yuan, respectively, with year-on-year growth of 11.32% for beverages but a decline of 9.00% for canned goods [3] - The company has seen a significant increase in revenue from the snack channel, contributing 35 million yuan, as it expands its distribution network [3] Cost and Expense Analysis - The cost of goods sold has been impacted by fluctuating raw material prices, with the procurement price of oranges decreasing by over 30% while the prices for fresh coconut juice and coconut water increased by over 30% [1] - Selling and administrative expense ratios increased significantly, with H1 2024 rates at 16.29% and 6.39%, respectively, reflecting the company's investment in channel expansion and marketing [1] Future Outlook - The company is expected to face short-term challenges due to external demand factors, but it aims to leverage its product advantages in the coconut milk segment to enter new markets [4] - EPS forecasts for 2024-2026 are adjusted to 0.60, 0.69, and 0.79 yuan, respectively, with corresponding PE ratios of 17, 15, and 13 times [4]

编号：2024-015 | --- | --- | --- | |----------------------|----------------------------|------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他（电话会议） | | | | 详见附件 | | | | | | | 参与单位名称及人员 | | | | | | | | | 和准确性，敬请投资者注意。 | | | 时间 | 2024年8月27日 | | | 地点 | 电话会议 | | | | 董事、副总裁 程松 | | | 上市公司接待人员姓名 | | | | | 副总裁、董事会秘书 | 范崇澜 | | | 主要内容如下： | | | | 1. 2024 | 年上半年公司整体经营情况介绍 | | | 2024 | 年上半年，公司实现营业收入 | | | 长3.64% | | | | | | | 投资者关系活动主要内 | 属于上市公司股东的净 ...

公司研究 2024.08.27 | --- | --- | --- | --- | --- | --- | |--------------------|-------------------------------------------------|-------|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------- ...

华福证券 原材料成本上涨风险，新产品推广不顺风险，食品安全问题等 司 欢乐家（300997.SZ） 双业务彰显收入端韧性，投入加大利润率承压 事件：欢乐家发布 2024 年上半年报告，公司 24H1 实现营业收入 9.45 亿元， 同比+3.64%，实现归属于母公司股东的净利润 0.82 亿元，同比-36.44%， 实现扣非归母净利润 0.81 亿元，同比-37.1%。根据中报，公司 24Q2 单季 度实现营收 3.94 亿元，同比-0.24%，归母净利润 36.79 万元，同比-99.17%， 扣非归母净利润 53.99 万元，同比-98.77% 椰子汁驱动饮料业务稳健增长，罐头业务高基数下维持稳健。 1） 2024 年上半年，公司实现饮料业务收入 5.35 亿元，同比 +11.32%，其中椰子汁和其他饮料分别实现收入 4.52/0.83 亿元，对比 同期分别+11.38%/10.96%，椰子汁中 PET 瓶装 1.25L 的椰子汁产品营 业收入比上年同期增长 5.23%至占椰子汁饮料收入 52%；公司实现罐 头业务收入 3.8 亿元，因受 22 年末至 23 年初黄桃罐头热潮产生的高 基数影响，对比同期下 ...

欢乐家食品集团股份有限公司 中信证券股份有限公司关于 经中国证券监督管理委员会证监许可〔2021〕925 号文核准，并经深圳证 券交易所同意，公司由主承销商中信证券股份有限公司，采用网下向符合条件的 投资者询价配售和网上向持有深圳市场非限售 A 股股份或非限售存托凭证市值 的社会公众投资者定价发行相结合的方式向社会公众公开发行普通股（A 股）股 票 9,000.00 万股，发行价为每股人民币 4.94 元。截至 2021 年 5 月 28 日，公司 共募集资金 44,460.00 万元，扣除发行费用 7,036.32 万元（不含税金额）后，募 集资金净额为 37,423.68 万元。上述募集资金净额已经致同会计师事务所（特殊 普通合伙）致同验字（2021）第 110C000285 号《验资报告》验证。 二、募集资金的存放与管理情况 （一）募集资金的管理情况 部分首次公开发行股票募投项目结项并将节余募集资金永 久补充流动资金及注销部分募集资金专户的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为欢乐家食 品集团股份有限公司（以下简称"欢乐家"、"公司"）首次公开发行股票并在创业 板上市的 ...

Share Lock-up and Transfer Commitments - The lock-up period for the company's shares is automatically extended by 6 months if the stock price remains below the issue price for 20 consecutive trading days within 6 months of listing[95] - Major shareholders, including Li Xing and Zhu Wenzhan, have committed not to transfer or entrust others to manage their pre-IPO shares for 36 months after listing[95] - Rongxing Investment has pledged not to transfer or entrust others to manage its pre-IPO shares for 36 months after listing, with an automatic 6-month extension under certain conditions[95] Share Repurchase and Shareholder Commitments - The company has committed to repurchasing shares if the stock price falls below the net asset value per share for 20 consecutive trading days within 3 years of listing, with a repurchase amount ranging from 20% to 50% of the previous year's net profit[95] - Haoxing Investment has committed to increasing its shareholding if the stock price falls below the net asset value per share for 20 consecutive trading days within 3 years of listing, with a minimum investment of 20% of its recent cash dividends or 3 million RMB[95] - Non-independent directors and senior management have committed to increasing their shareholding if the stock price falls below the net asset value per share for 20 consecutive trading days within 3 years of listing, with a minimum investment of 20% of their after-tax salary from the previous year[95] - The company plans to repurchase shares using its own funds, with a total amount of no less than RMB 100 million and no more than RMB 200 million, at a price not exceeding RMB 18.00 per share, to be implemented within 12 months from the date of approval by the shareholders' meeting[96] - The company has completed a share repurchase for maintaining company value and shareholder rights, with a total amount of no less than RMB 150 million and no more than RMB 225 million, at a price not exceeding RMB 18.00 per share, implemented within 3 months from the date of approval by the board of directors[96] Shareholder Structure and Changes - The company's limited-sale shares decreased by 308,533,781, reducing the proportion from 80.45% to 11.50%[122] - The company's unrestricted shares increased by 308,533,781, increasing the proportion from 19.55% to 88.50%[122] - The company's total shares remained unchanged at 447,500,000[122] - The company's initial public offering shares were listed for trading on June 3, 2024, with 360,000,000 shares released from restrictions[122] - The company's major shareholders, including Guangdong Haoxing Investment Co., Ltd., dissolved and liquidated, with relevant announcements disclosed on June 13, 2024[120] - The total number of ordinary shareholders at the end of the reporting period is 13,659[126] - Guangdong Haoxing Investment Co., Ltd. holds 51.27% of the shares, totaling 229,428,428 shares[126] - Li Xing holds 14.48% of the shares, totaling 64,809,376 shares[126] - Huoerguosi Rongxing Consulting Partnership holds 8.52% of the shares, totaling 38,123,251 shares[126] - Hong Kong Securities Clearing Company Ltd. holds 1.14% of the shares, totaling 5,112,697 shares[126] - Li Kangrong holds 0.85% of the shares, totaling 3,812,250 shares[126] - GF Fund Management Co., Ltd. - Social Security Fund 420 Portfolio holds 0.69% of the shares, totaling 3,097,727 shares[126] - Wang Yongping holds 0.27% of the shares, totaling 1,215,030 shares[126] - Liu Junhe holds 0.21% of the shares, totaling 945,830 shares[126] - Su Zhe holds 0.15% of the shares, totaling 688,776 shares[126] Financial Performance and Metrics - Total assets decreased from 2,226,891,150.64 yuan to 1,935,566,935.62 yuan, a decline of 13.1%[136] - Current assets decreased from 1,287,648,006.31 yuan to 946,471,431.06 yuan, a decline of 26.5%[135] - Non-current assets increased from 939,243,144.33 yuan to 989,095,504.56 yuan, an increase of 5.3%[136] - Total liabilities increased from 743,401,100.21 yuan to 821,380,065.52 yuan, an increase of 10.5%[137] - Short-term borrowings increased from 0 yuan to 244,338,650.93 yuan[136] - Long-term borrowings increased from 0 yuan to 17,114,468.89 yuan[137] - Equity attributable to owners of the parent company decreased from 1,483,490,050.43 yuan to 1,114,186,870.10 yuan, a decline of 24.9%[137] - Cash and cash equivalents decreased from 894,734,877.10 yuan to 465,900,876.91 yuan, a decline of 47.9%[135] - Accounts receivable increased from 123,040,126.94 yuan to 147,336,221.81 yuan, an increase of 19.7%[135] - Inventory increased from 247,703,054.31 yuan to 267,701,241.92 yuan, an increase of 8.1%[135] - Total operating revenue for the first half of 2024 was RMB 945,276,017.49, an increase from RMB 912,069,370.53 in the same period of 2023[140][141] - Operating costs for the first half of 2024 were RMB 833,971,115.96, up from RMB 737,184,465.21 in the first half of 2023[141] - Net profit for the first half of 2024 was RMB 82,454,198.75, a decrease from RMB 129,721,460.03 in the same period of 2023[142] - Total liabilities as of the first half of 2024 were RMB 23,477,339.89, compared to RMB 11,951,577.42 in the previous period[139] - Total equity as of the first half of 2024 was RMB 1,308,375,378.40, up from RMB 874,072,656.32 in the previous period[139] - Sales expenses for the first half of 2024 were RMB 154,018,182.67, significantly higher than RMB 101,990,647.77 in the same period of 2023[141] - R&D expenses for the first half of 2024 were RMB 2,934,852.63, a substantial increase from RMB 718,389.66 in the first half of 2023[141] - Basic earnings per share for the first half of 2024 were RMB 0.1896, down from RMB 0.2905 in the same period of 2023[142] - Revenue for the first half of 2024 was 53,675,393.80, a decrease from 59,728,302.60 in the same period last year[145] - Net profit for the first half of 2024 was 14,207,991.88, significantly lower than 77,116,829.80 in the same period last year[145] - Operating cash flow for the first half of 2024 was -189,188,925.12, compared to -1,517,810.04 in the same period last year[147] - Investment cash flow for the first half of 2024 was -86,601,316.64, an improvement from -127,203,193.54 in the same period last year[149] - Financing cash flow for the first half of 2024 was -189,521,201.04, compared to -108,684,346.39 in the same period last year[149] - Cash and cash equivalents at the end of the first half of 2024 were 352,496,505.91, down from 482,183,970.10 at the end of the same period last year[149] - Sales revenue from goods and services for the first half of 2024 was 950,785,570.05, slightly higher than 927,753,100.12 in the same period last year[147] - Payments for goods and services in the first half of 2024 were 713,673,058.56, up from 584,184,076.57 in the same period last year[147] - Employee compensation and benefits paid in the first half of 2024 were 201,181,829.22, an increase from 154,493,894.80 in the same period last year[147] - Taxes paid in the first half of 2024 were 132,485,536.19, down from 146,037,291.09 in the same period last year[147] - Investment activities generated a net cash inflow of 287,069,000.08 yuan, compared to a net outflow of -19,984,129.75 yuan in the previous period[151] - Financing activities resulted in a net cash outflow of -448,510,713.96 yuan, with dividend payments totaling 145,159,182.48 yuan[151] - The company's cash and cash equivalents decreased by 112,950,694.38 yuan, ending with a balance of 25,566,355.80 yuan[151] - Total comprehensive income for the period was 79,207,533.63 yuan, with a net profit of 82,454,198.75 yuan[153] - Owner's equity decreased by 369,303,180.33 yuan, primarily due to a reduction in capital of 303,351,531.48 yuan[153] - The company's undistributed profits decreased by 62,704,983.73 yuan, ending at 623,422,888.76 yuan[154] - Capital reserves decreased by 93,950.29 yuan, while other comprehensive income decreased by 3,246,665.12 yuan[153] - The company's total assets at the end of the period were 1,114,186,870.10 yuan, down from 1,483,490,050.43 yuan at the beginning of the period[154] - The company's total comprehensive income for the first half of 2024 was RMB 129.72 million[156] - The company's total owner's equity at the end of the first half of 2024 was RMB 1.36 billion[157] - The company's net profit attributable to shareholders for the first half of 2024 was RMB 14.21 million[159] - The company's total owner's equity at the beginning of 2024 was RMB 1.31 billion[159] - The company's total owner's equity at the end of the first half of 2024 was RMB 874.07 million[160] - The company's total owner's equity at the beginning of 2023 was RMB 1.04 billion[161] - The company's total owner's equity at the end of the first half of 2023 was RMB 1.04 billion[161] - The company's total owner's equity at the end of the first half of 2024 was RMB 1.36 billion[157] - The company's total owner's equity at the beginning of 2024 was RMB 1.31 billion[159] - The company's total owner's equity at the end of the first half of 2024 was RMB 874.07 million[160] - Comprehensive income for the first half of 2024 reached RMB 77,116,829.80[162] - Owner's capital reduction amounted to RMB 54,220,621.21[162] - Profit distribution for the period was RMB 7,711,682.98, with a total distribution to owners of RMB 53,429,100.00[162] - Total equity at the end of the period was RMB 1,009,103,980.61[163] Related-party Transactions and Guarantees - The company reported no non-operational fund occupation by controlling shareholders or other related parties during the reporting period[97] - The company had no illegal external guarantees during the reporting period[97] - The company's semi-annual financial report was not audited[97] - The company had no significant litigation or arbitration cases during the reporting period, with other litigation cases involving RMB 771.85 thousand as the plaintiff and RMB 135.07 thousand as the defendant[97] - The company had no penalties or rectifications during the reporting period[98] - The company's daily related-party transactions with Zhanjiang Development Zone Pinyuexuan Restaurant amounted to RMB 77.1 thousand, accounting for 1.79% of similar transactions[98] - The company's daily related-party transactions with Trung Viet Thai Import Export Company Limited amounted to RMB 2.1718 million, accounting for 2.19% of similar transactions[99] - The company plans to apply for a financing credit line of up to 2 billion yuan in 2024, with actual controllers providing free joint liability guarantees[105] - The company increased daily related-party transactions with Trung Viet Thai Import Export Company Limited in 2023 and 2024, and terminated the coconut processing project cooperation[106] - The company and its subsidiaries incurred rental expenses of 7,854,263 yuan for office and production equipment during the reporting period[108][112] - The total approved guarantee limit for subsidiaries at the end of the reporting period was 670 million yuan, with an actual guarantee balance of 218.108 million yuan[109] - The company provided guarantees totaling 26.90521 million yuan to its subsidiaries during the reporting period[114] - The company's total approved guarantee amount during the reporting period was 100,000, with actual guarantee occurrences totaling 35,305.21[117] - The actual guarantee balance at the end of the reporting period was 30,210.8, accounting for 27.11% of the company's net assets[117] Share Repurchase and Cancellation - The company repurchased 22,322,130 shares, with a total transaction amount of 303,257,581.19 yuan, accounting for 4.9882% of the total shares[124] - The company's total share capital is 44,750,000 shares after share repurchase and cancellation[164] Financial Reporting and Accounting Policies - The company's 2023 annual profit distribution plan was disclosed on March 26, 2024, and April 18, 2024[120] - The company adjusted the upper limit of the repurchase share price after the implementation of the 2023 annual profit distribution[120] - The company's main products include coconut juice, fruit cans, and other beverages[164] - The financial statements are prepared in accordance with Chinese Accounting Standards and the China Securities Regulatory Commission's disclosure rules[165] - The company's accounting period follows the calendar year, from January 1 to December 31[168] - The company's operating cycle is 12 months[169] - The company uses RMB as its functional currency for domestic subsidiaries and the local currency for overseas subsidiaries[170] - The company's consolidated financial statements are prepared based on the financial statements of the parent company and its subsidiaries, with intercompany transactions and balances eliminated[176] - For business combinations under common control, the assets and liabilities acquired are measured at their carrying amounts in the consolidated financial statements of the ultimate controlling party at the acquisition date[173] - In non-common control business combinations, the consideration transferred is measured at fair value, and any excess of the consideration over the fair value of identifiable net assets acquired is recognized as goodwill[173] - The company recognizes its share of assets, liabilities, revenues, and expenses in joint operations, and accounts for investments in joint ventures using the equity method[179] - Cash and cash equivalents include cash on hand and demand deposits, as well as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value[180] - The company reassesses its control over structured entities by evaluating factors such as the purpose and design of the entity, types of variable returns, and exposure to variability of returns[176] - When the company loses control of a subsidiary, the remaining equity interest is remeasured at fair value, and any resulting gain or loss is recognized in the income statement[176] - The company accounts for step acquisitions and disposals of subsidiaries as a single transaction if the transactions are linked and achieve a single commercial outcome[178] - Transaction costs related to business combinations, such as legal and advisory fees, are expensed as incurred, while costs related to issuing equity or debt instruments are deducted from the proceeds[174] - The company's consolidated financial statements include the financial results of subsidiaries acquired during the reporting period from the acquisition date[176] - The company uses the spot exchange rate on the balance sheet date to translate foreign currency monetary items, with exchange differences recognized in current profits or losses[182] - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[184] - Financial assets measured at amortized cost are managed with the business model of collecting contractual cash flows[184] - Financial assets measured at fair value through other comprehensive income are managed with the business model of both collecting contractual cash flows and selling the assets[184] - Financial assets measured at fair value through profit or loss include all other financial assets not classified under the above two categories[184] - Non-trading equity investments are irrevocably designated as measured at fair value through other comprehensive income at initial recognition[185] - Financial liabilities are classified as measured at fair value through profit or loss or at amortized cost[186] - Financial liabilities measured at fair value through profit or loss include trading financial liabilities and those designated as such at initial recognition[186] - Financial liabilities measured at amortized cost are subsequently measured using the effective interest method[187] - Financial liabilities include obligations to deliver cash or other financial assets under potentially unfavorable conditions[187] - The company uses expected credit loss (ECL) as the basis for measuring impairment of financial assets, including those measured at amortized cost and those at fair value with changes in other comprehensive income[188] - Financial instruments are classified into three stages based on credit risk: Stage 1 (low risk, 12-month ECL), Stage 2 (significant increase in risk, lifetime ECL), and Stage 3 (credit-impaired, lifetime ECL)[190] - For trade receivables and contract assets, the company always measures loss allowances at an amount equal to lifetime ECL, regardless of

证券代码：300997 证券简称：欢乐家 公告编号：2024-086 欢乐家食品集团股份有限公司（以下简称"公司"、"欢乐家集团"）于2024 年 8 月 23 日召开第二届董事会第二十七次会议和第二届监事会第十九次会议, 审议通过了《关于公司及子公司以自有资产为子公司向银行申请借款提供抵押担 保的议案》，为满足公司及子公司经营发展需要，保证生产经营的资金需求，公 司及公司全资子公司武汉欢乐家食品有限公司（以下简称"武汉欢乐家"）拟分 别使用自有资产为公司全资子公司深圳市众兴利华供应链有限公司（以下简称 "深圳市众兴利华"）、山东欢乐家食品有限公司（以下简称"山东欢乐家"）、 湖北欢乐家食品有限公司（以下简称"湖北欢乐家"）、湛江欢乐家实业有限公 司（以下简称"欢乐家实业"）和武汉欢乐家向兴业银行股份有限公司湛江分行 （以下简称"兴业银行"）申请借款提供抵押担保。根据公司及武汉欢乐家本次 拟与兴业银行签订的《最高额抵押合同》，本次抵押自有资产所担保的债权本金 金额不超过人民币 40,000 万元。根据《深圳证券交易所创业板股票上市规则》 等相关法律法规及《公司章程》规定，本事项尚需提交股东大会审议并经出席会 ...